Sephora building on Collins Avenue
hits the market

Owner, controlled by Comras Co., wants more than $1,600 psf for the building

Miami /
Nov.November 29, 2017 12:00 PM

The building at 721 Collins Avenue

Sephora’s Miami Beach location is on the market for nearly $9 million.

The 5,400-square-foot building at 721 Collins Avenue was just listed for sale, according to Marcus & Millichap. It’s asking $8.875 million, or about $1,645 per square foot.

Property records show CLB Associates Ltd., controlled by Michael Comras of the Comras Company, owns the property. Comras could not be reached for comment.

Sephora has a triple-net lease for the building, which could be redeveloped under its current MXE zoning. Marcus & Millichap’s Drew Kristol and Kirk Olson are listing the building.

It last sold for $1.3 million in 1998, according to property records.

Sephora has leased the property since 1999, when the building was completed. It’s the only Miami Beach location for the French cosmetics company.

At least two retail buildings on Collins Avenue have sold above $5 million this year. In January, the building at 919 Collins Avenue traded for $7.1 million, or less than $1,000 a foot. Earlier that month, Charming Charlie’s building nearby at 735 Collins Avenue sold for $12.5 million, or $964 per square foot.

But the market may have peaked in 2016, when the Club Monaco building at 624 Collins Avenue sold for more than $2,800 per square foot, or $24 million. – Katherine Kallergis


Related Articles

arrow_forward_ios
Tech entrepreneur pays $8M for Continuum South Beach condo
Tech entrepreneur pays $8M for Continuum South Beach condo
Tech entrepreneur pays $8M for Continuum South Beach condo
Ex-Miami Dolphins defensive end Andre Branch with the $6 million property (Getty, The Jills Zeder Group)
Ex-Miami Dolphins player sells non-waterfront Miami Beach home for $6M
Ex-Miami Dolphins player sells non-waterfront Miami Beach home for $6M
Renderings of 3017 Flamingo Drive and Andrew Lessman (D/Vice Inc., ProCaps Laboratories)
Vitamin mogul Andrew Lessman wins approval to build Miami Beach mansion
Vitamin mogul Andrew Lessman wins approval to build Miami Beach mansion
After the construction of Eighty Seven Park (Google Maps)
Before Surfside tragedy, neighboring tower faced opposition, delays over construction impact
Before Surfside tragedy, neighboring tower faced opposition, delays over construction impact
AIMCO founder Terry Considine and a rendering of the Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Jennifer Valoppi and Christian de Berdouare with 5004 North Bay Road (Getty, LPG/Douglas Elliman)
Flying the coop: Chicken Kitchen owner sells waterfront Miami Beach spec mansion for $30M
Flying the coop: Chicken Kitchen owner sells waterfront Miami Beach spec mansion for $30M
(Facebook via Hotel Astor Miami Beach)
Shuttered Hotel Astor in Miami Beach gets a new owner
Shuttered Hotel Astor in Miami Beach gets a new owner
The Fairwind Hotel and Joseph Chetrit (Getty, Fairwind)
Chetrit Group sells Miami Beach hotel for $42M
Chetrit Group sells Miami Beach hotel for $42M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...